PART I. FINANCIAL INFORMATION [Financial Statements (Unaudited)](index=3&type=section&id=ITEM%201.%20FINANCIAL%20STATEMENTS%20(unaudited)) The unaudited financial statements for the period ended September 30, 2020, reflect a severe negative impact from the COVID-19 pandemic, leading to significant asset and equity declines, plummeting revenues, and negative cash flow from operations [Consolidated Balance Sheets](index=3&type=section&id=Consolidated%20Balance%20Sheets) | Balance Sheet Items (in thousands) | September 30, 2020 | December 31, 2019 | | :--- | :--- | :--- | | **Total Assets** | **$3,844,276** | **$4,691,348** | | Total Liabilities | $3,990,413 | $4,352,212 | | **Total Stockholders' Equity (Deficit)** | **$(166,933)** | **$268,762** | | Cash and cash equivalents | $120,916 | $262,636 | | Investments in hotel properties, net | $3,484,019 | $4,108,443 | | Indebtedness, net | $3,739,737 | $4,106,518 | - The company's financial position deteriorated significantly by September 30, 2020, with total assets declining by approximately **$847 million** and stockholders' equity shifting from a positive **$268.8 million** to a deficit of **$166.9 million** compared to year-end 2019[5](index=5&type=chunk) [Consolidated Statements of Operations](index=4&type=section&id=Consolidated%20Statements%20of%20Operations) | Operating Results (in thousands) | Q3 2020 | Q3 2019 | 9 Months 2020 | 9 Months 2019 | | :--- | :--- | :--- | :--- | :--- | | **Total Revenue** | **$93,043** | **$374,237** | **$417,985** | **$1,148,103** | | Operating Income (Loss) | $(164,525) | $29,438 | $(365,702) | $102,200 | | Net Income (Loss) | $(151,626) | $(39,086) | $(495,632) | $(107,060) | | **Net Loss Attributable to Common Stockholders** | **$(139,925)** | **$(41,822)** | **$(450,030)** | **$(117,409)** | | **Basic and Diluted EPS** | **$(11.89)** | **$(4.21)** | **$(41.92)** | **$(11.87)** | - Total revenue for Q3 2020 collapsed by **75%** year-over-year, leading to a significant operating loss of **$164.5 million** compared to an operating income of **$29.4 million** in Q3 2019. The net loss attributable to common stockholders more than tripled for the quarter[6](index=6&type=chunk) [Consolidated Statements of Cash Flows](index=10&type=section&id=Consolidated%20Statements%20of%20Cash%20Flows) | Cash Flow Summary (in thousands) | Nine Months Ended Sep 30, 2020 | Nine Months Ended Sep 30, 2019 | | :--- | :--- | :--- | | **Net cash provided by (used in) operating activities** | **$(98,884)** | **$149,784** | | Net cash provided by (used in) investing activities | $(3,866) | $(247,176) | | Net cash provided by (used in) financing activities | $(85,046) | $62,709 | | **Net (decrease) in cash, cash equivalents and restricted cash** | **$(187,796)** | **$(34,683)** | - For the first nine months of 2020, the company experienced a severe reversal in operating cash flow, from a **$149.8 million** inflow in 2019 to a **$98.9 million** outflow, reflecting the deep impact of the pandemic on operations[17](index=17&type=chunk) [Notes to Consolidated Financial Statements](index=13&type=section&id=Notes%20to%20Consolidated%20Financial%20Statements) The notes detail the severe operational and financial distress caused by the COVID-19 pandemic, leading to a significant decline in RevPAR, suspension of dividends, and widespread loan defaults, raising substantial doubt about the company's ability to continue as a going concern - The company has determined there is **substantial doubt** about its ability to continue as a **going concern** within one year, citing the impact of COVID-19, uncertainty of future cash flows, and inability to consider remedies outside of its control like future fundraising or obtaining further forbearances[24](index=24&type=chunk) - Beginning April 1, 2020, the company defaulted on principal and interest payments for nearly all of its loans. While forbearance agreements have been executed for approximately **$2.6 billion** of its **$3.7 billion** in property-level debt, several lenders have issued acceleration notices and notices of UCC sales[23](index=23&type=chunk)[52](index=52&type=chunk) - During Q3 2020, the company disposed of 12 hotel properties through sales, consensual assignments, or UCC foreclosures in response to loan defaults and maturities, resulting in a significant gain on extinguishment of debt of **$90.3 million**[38](index=38&type=chunk)[41](index=41&type=chunk) - The company recorded impairment charges of **$29.9 million** for Q3 2020 and **$85.1 million** for the nine months ended September 30, 2020, primarily related to hotels that were disposed of or had reduced cash flow expectations due to the pandemic[42](index=42&type=chunk)[43](index=43&type=chunk)[45](index=45&type=chunk) - In June 2020, the company received an administrative subpoena from the SEC regarding related-party transactions since January 1, 2018, including its agreement with Lismore Capital LLC for debt modification services[106](index=106&type=chunk)[179](index=179&type=chunk)[192](index=192&type=chunk) [Management's Discussion and Analysis of Financial Condition and Results of Operations (MD&A)](index=44&type=section&id=ITEM%202.%20MANAGEMENT'S%20DISCUSSION%20AND%20ANALYSIS%20OF%20FINANCIAL%20CONDITION%20AND%20RESULTS%20OF%20OPERATIONS) Management discusses the catastrophic impact of the COVID-19 pandemic, leading to a 72% decline in RevPAR, widespread loan defaults, and liquidity constraints, raising substantial doubt about the company's ability to continue as a going concern - The company explicitly states there is **substantial doubt** about its ability to continue as a **going concern** and is analyzing strategic alternatives including raising capital, restructuring debt, or seeking protection under **Chapter 11 of the United States Bankruptcy Code**[116](index=116&type=chunk)[145](index=145&type=chunk)[147](index=147&type=chunk) - As of September 30, 2020, the company held **$120.9 million** in cash and cash equivalents and **$89.5 million** in restricted cash. It utilized **$50.4 million** of cash, cash equivalents, and restricted cash during the third quarter of 2020[116](index=116&type=chunk)[145](index=145&type=chunk) | Key Performance Indicators (Comparable Hotels) | Q3 2020 | Q3 2019 | % Change | | :--- | :--- | :--- | :--- | | **RevPAR** | **$37.90** | **$143.64** | **-73.6%** | | Occupancy | 31.16% | 78.47% | -47.31 pps | | ADR | $121.62 | $183.05 | -33.6% | | Non-GAAP Measures (in thousands) | Q3 2020 | Q3 2019 | | :--- | :--- | :--- | | **Adjusted EBITDAre** | **$(22,727)** | **$103,091** | | **Adjusted FFO** | **$(98,274)** | **$32,855** | [Quantitative and Qualitative Disclosures About Market Risk](index=72&type=section&id=ITEM%203.%20QUANTITATIVE%20AND%20QUALITATIVE%20DISCLOSURES%20ABOUT%20MARKET%20RISK) The company's primary market risk exposure is to interest rate changes on its variable-rate debt, with a 25-basis point change impacting annual results by approximately $8.7 million - Of the company's **$3.7 billion** in total indebtedness, **$3.5 billion** is variable-rate debt. A **25-basis point** change in interest rates would impact annual results by approximately **$8.7 million**[173](index=173&type=chunk) [Controls and Procedures](index=72&type=section&id=ITEM%204.%20CONTROLS%20AND%20PROCEDURES) Management concluded that the company's disclosure controls and procedures were not effective as of September 30, 2020, due to a material weakness in accounting for troubled debt restructurings - A **material weakness** in internal control over financial reporting was identified related to the accounting for troubled debt restructurings. This led to a misstatement in the company's previously issued third-quarter earnings press release, which has since been amended[176](index=176&type=chunk) PART II. OTHER INFORMATION [Legal Proceedings](index=73&type=section&id=ITEM%201.%20LEGAL%20PROCEEDINGS) The company is involved in several legal proceedings, including a class action lawsuit and a critical SEC investigation into related-party transactions since January 2018 - In June 2020, the company, along with its advisor Ashford Inc. and other related entities, received an administrative subpoena from the SEC. The investigation focuses on related-party transactions since January 1, 2018, and the company's accounting and controls related to them[179](index=179&type=chunk)[192](index=192&type=chunk) [Risk Factors](index=75&type=section&id=ITEM%201A.%20RISK%20FACTORS) The company highlights severe risks amplified by the COVID-19 pandemic, including continued negative impact on RevPAR, widespread debt defaults, substantial doubt about going concern, potential delisting, and the risk of Chapter 11 bankruptcy - There is a **substantial risk** that it may be necessary for the company to seek protection under **Chapter 11 of the United States Bankruptcy Code**, which could place stockholders at significant risk of **losing their entire investment**[194](index=194&type=chunk) - The company has **defaulted** on its property-level secured debt, and failure to negotiate forbearance agreements may lead to lenders **foreclosing** on the hotels[182](index=182&type=chunk) - The company is dependent on its advisor, Ashford Inc., which has publicly disclosed that there is **substantial doubt** about its own ability to continue as a **going concern**[184](index=184&type=chunk) - The company is **not in compliance** with NYSE continued listing standards due to its low average market capitalization and negative stockholders' equity, creating a **risk of delisting**[187](index=187&type=chunk) [Defaults Upon Senior Securities](index=84&type=section&id=ITEM%203.%20DEFAULTS%20UPON%20SENIOR%20SECURITIES) The company suspended quarterly cash dividends on its preferred stock for the second and third quarters of 2020 due to financial turmoil, resulting in significant dividend arrearage across all five series | Preferred Stock Series | Dividend Arrearage (in thousands, as of filing date) | | :--- | :--- | | 8.45% Series D | ~$2,524,000 | | 7.375% Series F | ~$4,425,000 | | 7.375% Series G | ~$5,715,000 | | 7.50% Series H | ~$3,562,000 | | 7.50% Series I | ~$5,062,000 |

Ashford Hospitality Trust, Inc. (NYSE:AHT) Q3 2020 Earnings Conference Call October 28, 2020 11:00 AM ET Company Participants Jordan Jennings - Manager of Investor Relations Rob Hays - President & Chief Executive Officer Deric Eubanks - Chief Financial Officer Jeremy Welter - Chief Operating Officer Conference Call Participants Tyler Batory - Janney Capital Markets Bryan Maher - B. Riley Securities Chris Woronka - Deutsche Bank Arpine Kocharyan - UBS Michael Bellisario - Baird Operator Greetings and welcome ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended June 30, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-31775 ASHFORD HOSPITALITY TRUST, INC. (Exact name of registrant as specified in its charter) | --- | --- ...

Ashford Hospitality Trust, Inc. (NYSE:AHT) Q2 2020 Earnings Conference Call July 30, 2020 11:00 AM ET Company Participants Jordan Jennings - Manager of Investor Relations Robison Hays - President and Chief Executive Officer Deric Eubanks - Chief Financial Officer Jeremy Welter - Chief Operating Officer Conference Call Participants Tyler Batory - Janney Montgomery Scott, LLC Michael Bellisario - Robert W. Baird & Co. Bryan Maher - B. Riley FBR, Inc. Chris Woronka - Deutsche Bank Robin Farley - UBS Operator G ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended March 31, 2020 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-31775 ASHFORD HOSPITALITY TRUST, INC. (Exact name of registrant as specified in its charter) | --- | --- ...

Ashford Hospitality Trust, Inc. (NYSE:AHT) Q1 2020 Earnings Conference Call May 21, 2020 11:00 AM ET Company Participants Jordan Jennings - Manager of Investor Relations Robison Hays - President and Chief Executive Officer Deric Eubanks - Chief Financial Officer Jeremy Welter - Chief Operating Officer Conference Call Participants Tyler Batory - Janney Montgomery Scott, LLC Chris Woronka - Deutsche Bank Securities, Inc. Bryan Maher - B. Riley FBR, Inc. Michael Bellisario - Robert W. Baird & Co. Robin Farley ...

PART I [Business](index=5&type=section&id=Item%201.%20Business) Ashford Hospitality Trust is an externally-advised REIT investing in upper upscale U.S. hotels, owning 117 properties as of year-end 2019 Portfolio Overview as of December 31, 2019 | Metric | Value | | :--- | :--- | | Consolidated Hotel Properties | 117 | | Total Rooms | 24,943 | | Net Rooms (excluding partner's share) | 24,916 | | Hotel Condominium Units (WorldQuest) | 90 | - The company operates as a REIT, utilizing taxable REIT subsidiaries (Ashford TRS) to lease and own its hotel properties, which are then managed by hotel management companies like Remington Hotels[9](index=9&type=chunk) - The company is externally advised by Ashford LLC, a subsidiary of Ashford Inc., and has no direct employees; Remington Hotels, also an Ashford Inc. subsidiary, manages **80 of the 117** hotel properties[9](index=9&type=chunk) - Key business strategies include acquiring accretive hotels, disposing of non-core properties, preserving capital, and enhancing liquidity, with an investment focus on upper upscale full-service hotels[12](index=12&type=chunk) - The company's 2020 dividend policy of **$0.06 per share quarterly** is expected to be reconsidered, with a potential elimination or significant reduction due to the business impact of COVID-19[15](index=15&type=chunk) [Risk Factors](index=10&type=section&id=Item%201A.%20Risk%20Factors) The company faces significant risks from economic conditions like the COVID-19 pandemic, high indebtedness, and conflicts of interest with its external advisor - The lodging industry's performance is closely linked to the general economy, and pandemics like **COVID-19 can lead to declines in occupancy and room rates**, harming operating performance[29](index=29&type=chunk)[59](index=59&type=chunk) - The company has a significant amount of debt (**$4.1 billion** as of Dec 31, 2019), with **$3.8 billion** being variable-rate, exposing it to interest rate and refinancing risks[50](index=50&type=chunk)[51](index=51&type=chunk) - **Significant conflicts of interest** exist due to the relationship with its external advisor, Ashford Inc., and its subsidiaries, as key agreements were not negotiated on an arm's-length basis[73](index=73&type=chunk)[77](index=77&type=chunk) - **Failure to qualify as a REIT** would subject the company to corporate income tax, substantially reducing cash available for distributions and adversely affecting security values[106](index=106&type=chunk) - The company's charter and Maryland law contain provisions, such as a **9.8% ownership limit**, which may delay or prevent a change of control[130](index=130&type=chunk)[135](index=135&type=chunk) [Unresolved Staff Comments](index=41&type=section&id=Item%201B.%20Unresolved%20Staff%20Comments) The company reports no unresolved staff comments from the SEC - There are **no unresolved staff comments** as of the report date[146](index=146&type=chunk) [Properties](index=42&type=section&id=Item%202.%20Properties) As of year-end 2019, the company's portfolio consisted of 117 hotel properties located entirely within the United States Total Portfolio Performance (Year Ended Dec 31, 2019) | Metric | Value | | :--- | :--- | | Total Properties | 117 | | Total Rooms | 24,943 | | Occupancy | 76.34% | | Average Daily Rate (ADR) | $168.06 | | Revenue Per Available Room (RevPAR) | $128.29 | - The portfolio includes **113 fee simple properties** and 4 properties subject to ground leases, all located in the United States[149](index=149&type=chunk)[151](index=151&type=chunk) [Legal Proceedings](index=44&type=section&id=Item%203.%20Legal%20Proceedings) The company is involved in several legal proceedings, including a class action lawsuit with potential damages up to $11.9 million - In the Pedro Membrives class action lawsuit concerning improper retention of service charges, an unfavorable outcome could result in damages ranging from **$5.8 million to $11.9 million** plus attorneys' fees[153](index=153&type=chunk) - The long-standing Palm Beach Florida Hotel litigation is substantially resolved, with approximately **$504,000 accrued** for potential remaining legal fees as of December 31, 2019[151](index=151&type=chunk) [Mine Safety Disclosures](index=45&type=section&id=Item%204.%20Mine%20Safety%20Disclosures) This item is not applicable to the company - Not applicable[153](index=153&type=chunk) PART II [Market for Registrant's Common Equity, Related Stockholder Matters and Issuer Purchases of Equity Securities](index=45&type=section&id=Item%205.%20Market%20for%20Registrant's%20Common%20Equity,%20Related%20Stockholder%20Matters%20and%20Issuer%20Purchases%20of%20Equity%20Securities) The company's common stock trades on the NYSE, with all 2019 distributions characterized as a return of capital for tax purposes Dividend Per Common Share | Year | Dividend per Share | | :--- | :--- | | 2019 | $0.30 | | 2018 | $0.48 | - For tax purposes, **100% of the distributions** paid on common and preferred stock in 2019 and 2018 were characterized as a **return of capital**[156](index=156&type=chunk) - A stock repurchase program authorizing up to **$200 million** was in place, but no shares were purchased under this program during the fourth quarter of 2019[160](index=160&type=chunk)[161](index=161&type=chunk) [Selected Financial Data](index=49&type=section&id=Item%206.%20Selected%20Financial%20Data) The company reported total revenue of approximately $1.5 billion and a net loss of $113.6 million for the year ended December 31, 2019 Selected Financial Data (in thousands, except per share data) | Metric | 2019 | 2018 | 2017 | | :--- | :--- | :--- | :--- | | **Total Revenue** | $1,502,759 | $1,430,789 | $1,439,270 | | **Operating Income (Loss)** | $114,729 | $90,414 | $149,035 | | **Net Income (Loss) attributable to the Company** | $(113,635) | $(126,966) | $(67,008) | | **Diluted Loss per Common Share** | $(1.58) | $(1.75) | $(1.30) | | **Total Assets (at year-end)** | $4,691,348 | $4,685,954 | $4,669,850 | | **Indebtedness, net (at year-end)** | $4,106,518 | $3,927,266 | $3,696,300 | [Management's Discussion and Analysis of Financial Condition and Results of Operations](index=50&type=section&id=Item%207.%20Management's%20Discussion%20and%20Analysis%20of%20Financial%20Condition%20and%20Results%20of%20Operations) Management discusses the significant negative impact of the COVID-19 pandemic on operations and liquidity, which has prompted debt restructuring requests - The **COVID-19 pandemic** has had a significant negative impact on room demand, occupancy, and RevPAR since February 2020, leading to substantial erosion in hotel cash flow[169](index=169&type=chunk) - Due to cash flow insufficiency from COVID-19, the company has informed lenders for an 8-hotel portfolio of a **substantial risk of imminent payment default** and has requested loan restructuring[169](index=169&type=chunk) Key Performance Indicators (All Properties) | Metric | 2019 | 2018 | | :--- | :--- | :--- | | RevPAR | $127.22 | $123.62 | | Occupancy | 76.26% | 76.32% | | ADR | $166.84 | $161.99 | Comparison of Financial Results (2019 vs. 2018, in millions) | Line Item | 2019 | 2018 | Change | | :--- | :--- | :--- | :--- | | Total Revenue | $1,502.8 | $1,430.8 | $72.0 | | Operating Income | $114.7 | $90.4 | $24.3 | | Net Loss Attributable to Company | $(113.6) | $(127.0) | $13.4 | Cash Flow Summary (in millions) | Activity | 2019 | 2018 | | :--- | :--- | :--- | | Net Cash from Operating Activities | $177.2 | $181.6 | | Net Cash used in Investing Activities | $(253.2) | $(329.6) | | Net Cash from Financing Activities | $34.4 | $115.8 | [Quantitative and Qualitative Disclosures About Market Risk](index=67&type=section&id=Item%207A.%20Quantitative%20and%20Qualitative%20Disclosures%20About%20Market%20Risk) The company's primary market risk is interest rate exposure from its significant variable-rate debt, which totals $3.8 billion - As of December 31, 2019, the company had **$4.1 billion in total debt**, of which **$3.8 billion was variable-rate debt**[218](index=218&type=chunk) - A hypothetical **25-basis point (0.25%) change** in interest rates would result in an approximate **$9.4 million annual impact** on results of operations[218](index=218&type=chunk) - The company utilizes credit default swaps (notional amount of **$212.5 million**) and interest rate floors (notional amount of **$12.0 billion**) to hedge against financial and market risks[218](index=218&type=chunk) [Financial Statements and Supplementary Data](index=68&type=section&id=Item%208.%20Financial%20Statements%20and%20Supplementary%20Data) This section contains the company's audited consolidated financial statements and the independent auditor's report for the years 2017-2019 - The financial statements were audited by BDO USA, LLP, which issued an **unqualified opinion** on the consolidated financial statements and internal controls as of December 31, 2019[222](index=222&type=chunk)[223](index=223&type=chunk) Consolidated Balance Sheet Highlights (as of Dec 31, 2019) | Account | Amount (in thousands) | | :--- | :--- | | Total Assets | $4,691,348 | | Total Liabilities | $4,352,212 | | Total Stockholders' Equity | $268,762 | Consolidated Statement of Operations Highlights (Year ended Dec 31, 2019) | Account | Amount (in thousands) | | :--- | :--- | | Total Revenue | $1,502,759 | | Operating Income | $114,729 | | Net Loss | $(142,679) | | Net Loss Attributable to Common Stockholders | $(156,212) | [Changes in and Disagreements with Accountants on Accounting and Financial Disclosure](index=127&type=section&id=Item%209.%20Changes%20in%20and%20Disagreements%20with%20Accountants%20on%20Accounting%20and%20Financial%20Disclosure) The company reports no changes in or disagreements with its accountants on accounting and financial disclosure - There were **no disagreements** with accountants on any matter of accounting principles or practices, financial statement disclosure, or auditing scope or procedure[383](index=383&type=chunk) [Controls and Procedures](index=127&type=section&id=Item%209A.%20Controls%20and%20Procedures) Management concluded that the company's disclosure controls and internal control over financial reporting were effective as of December 31, 2019 - Management concluded that the company's disclosure controls and procedures were **effective** as of December 31, 2019[384](index=384&type=chunk) - Management assessed internal control over financial reporting using the COSO framework and concluded it was **effective** as of December 31, 2019, an assessment audited by BDO USA, LLP[385](index=385&type=chunk)[388](index=388&type=chunk) - There were **no material changes** in internal control over financial reporting during the fourth quarter of 2019[386](index=386&type=chunk) [Other Information](index=129&type=section&id=Item%209B.%20Other%20Information) The company reports no other information for this item - None[394](index=394&type=chunk) PART III [Directors, Executive Officers and Corporate Governance](index=129&type=section&id=Item%2010.%20Directors,%20Executive%20Officers%20and%20Corporate%20Governance) Required information is incorporated by reference from the company's 2020 Annual Meeting Proxy Statement - The required information is **incorporated by reference** from the Proxy Statement for the 2020 Annual Meeting of Stockholders[395](index=395&type=chunk) [Executive Compensation](index=129&type=section&id=Item%2011.%20Executive%20Compensation) Required information is incorporated by reference from the company's 2020 Annual Meeting Proxy Statement - The required information is **incorporated by reference** from the Proxy Statement for the 2020 Annual Meeting of Stockholders[396](index=396&type=chunk) [Security Ownership of Certain Beneficial Owners and Management and Related Stockholder Matters](index=129&type=section&id=Item%2012.%20Security%20Ownership%20of%20Certain%20Beneficial%20Owners%20and%20Management%20and%20Related%20Stockholder%20Matters) Required information is incorporated by reference from the company's 2020 Annual Meeting Proxy Statement - The required information is **incorporated by reference** from the Proxy Statement for the 2020 Annual Meeting of Stockholders[396](index=396&type=chunk) [Certain Relationships and Related Transactions, and Director Independence](index=129&type=section&id=Item%2013.%20Certain%20Relationships%20and%20Related%20Transactions,%20and%20Director%20Independence) Required information is incorporated by reference from the company's 2020 Annual Meeting Proxy Statement - The required information is **incorporated by reference** from the Proxy Statement for the 2020 Annual Meeting of Stockholders[396](index=396&type=chunk) [Principal Accountant Fees and Services](index=129&type=section&id=Item%2014.%20Principal%20Accounting%20Fees%20and%20Services) Required information is incorporated by reference from the company's 2020 Annual Meeting Proxy Statement - The required information is **incorporated by reference** from the Proxy Statement for the 2020 Annual Meeting of Stockholders[397](index=397&type=chunk) PART IV [Exhibits, Financial Statement Schedules](index=129&type=section&id=Item%2015.%20Exhibits,%20Financial%20Statement%20Schedules) This section lists the financial statement schedules and exhibits filed as part of the Form 10-K, including material contracts and certifications - The report includes **Schedule III – Real Estate and Accumulated Depreciation**, with all other schedules omitted as they are not required or the information is disclosed elsewhere[398](index=398&type=chunk) - A comprehensive list of exhibits is provided, including governance documents, material agreements, and required SEC certifications[400](index=400&type=chunk)[401](index=401&type=chunk)[402](index=402&type=chunk) [Form 10-K Summary](index=134&type=section&id=Item%2016.%20Form%2010-K%20Summary) The company reports no Form 10-K summary - None[408](index=408&type=chunk)

Ashford Hospitality Trust, Inc. (NYSE:AHT) Q4 2019 Earnings Conference Call February 26, 2020 11:00 AM ET Company Participants Jordan Jennings - Manager, IR Douglas Kessler - CEO Deric Eubanks - CFO & Treasurer Jeremy Welter - COO Conference Call Participants Tyler Batory - Janney Montgomery Scott Chris Woronka - Deutsche Bank Matthew Boone - B. Riley FBR, Inc. Arpine Kocharyan - UBS Investment Bank Michael Bellisario - Robert W. Baird & Co. Operator Greetings, and welcome to the Ashford Hospitality Trust, ...

UNITED STATES SECURITIES AND EXCHANGE COMMISSION WASHINGTON, D.C. 20549 FORM 10-Q ☑ QUARTERLY REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the quarterly period ended September 30, 2019 OR ☐ TRANSITION REPORT PURSUANT TO SECTION 13 OR 15(d) OF THE SECURITIES EXCHANGE ACT OF 1934 For the transition period from ________________ to ________________ Commission file number: 001-31775 ASHFORD HOSPITALITY TRUST, INC. (Exact name of registrant as specified in its charter) | --- | ...